The offshore wind racket suffered another blow this week when BP and Equinox ditched plans for an “Empire Wind 2” farm off the coast of Monmouth County, New Jersey.
“Just two months after Orsted pulled out of its huge taxpayer-subsidized deal approved by Governor Murphy, BP and Equinor have followed suit by terminating their contract for an offshore wind project off the Monmouth County coastline citing ‘changed economic circumstances on an industry-wide scale,'” said Rep. Chris Smith (R, NJ-04), a vocal opponent of the offshore wind industry. “The promise of benefits and jobs was always over-hyped and predicated on the backs of ratepayers. Now that taxpayers and boardrooms are getting an honest look, the projects simply don’t measure up to the hype.”
Foreign-owned Orsted announced the end of its own project off the coast of Cape May County on Halloween 2023 complaining of supply chain issues, inflation, and regulatory hurdles.
Similarly, Equinor’s press release explained that “the decision recognizes commercial conditions driven by inflation, interest rates and supply chain disruptions that prevented Empire Wind 2’s existing OREC agreement from being viable.”
“Despite the clear indication that these projects are economically unsustainable and pose serious dangers to our marine environment and national security, President Biden and Governor Murphy have rejected calls for objective studies, doubled down and insisted that these projects must continue—no matter the huge taxpayer subsidies they require and the credible predictions of big increases to ratepayers,” added Smith in his own statement. “It’s long past time for Biden and Murphy to stop recklessly pushing these unsound and improperly vetted projects and trying to prop them up by irresponsibly throwing billions of US taxpayer dollars at these foreign corporations.”
“While this terminated contract marks another victory for concerned residents, commercial and recreational fishermen, and the environmentalists who have been working with me to expose the dangers inherent in the massive ocean industrialization of the Jersey Shore, we must continue to fight against Biden and Murphy’s extreme policies and put an end to ocean wind development off our beautiful shore. Enough is enough.”
